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Celebrity Traitors stars share strategies to beat each other to BBC prize pot

Ross Kemp wants to prove he’s more than just a tough guy while Richard E Grant hopes being ‘geriatric’ will excuse him from the money-making missions

There’s just three days to go until the new series of Celebrity Traitors hits the screens and some of its biggest stars have revealed what drove them to sign up for the hit BBC1 show.

Former EastEnders star turned documentary maker Ross Kemp says he is a huge fan of the series, and of host Claudia Winkleman, and wants to show people that there’s more to him than just playing, or being, a tough guy.

“I think if I’m able to stay or survive for a period of time, it would give people an opportunity to see that I’m not just Grant Mitchell or a man that goes around the world confronting people with guns,” he says. “I think obviously there will be people that will only know me as Grant, and then people may have seen the documentaries, which are often quite brutal. I think people probably think that I don’t have any kind of sense of humour whatsoever, which hopefully will come out.”

That said, the 62-year-old admits that being a real-life hard man might actually be his biggest asset when it comes to The Traitors. “My strength hopefully would be some of the physical challenges. I’m a qualified HSE diver, so anything with water I should be able to do. I don’t mind heights too much, I don’t mind cold weather, I’ve completed hostile environment training and I don’t mind being uncomfortable, so I should be able to make a good contribution to Missions.”

But ahead of filming, he admitted he did have a few nerves. “There’s an element of: A, I don’t have control over this; B, I don’t want to let the side down; and C, I don’t want to let my family down by making myself look an idiot.”

Unlike Ross, actor Richard E Grant is hoping to pretty much swerve the Missions altogether – using his age as an excuse. The 69-year-old says: “Jerry Hall and I are the geriatrics of the great group. So, I’m rather hoping there will be some leeway about whether we’re expected to bungee jump off the castle’s wall.”

Richard, whose wife Joan Washington died five years ago, openly admits he is desperate to be picked as a Traitor because he feels they hold all the power. “Absolutely! I would love to be a Traitor,” he laughs. “You have no control in real life over anything. Any chance for that would be welcome – and a little bit of mischief is always welcome.”

He feels he’d be good in the role because he is “definitely” better at telling lies than spotting them and believes that a competitive nature is a pre-requisite for actors. “You can’t survive the profession without being so. It’s too brutal.”

But he doesn’t think his award-winning acting skills will actually help him much. “I think it’ll make people more suspicious because they assume that you’re a natural-born liar. I’ve played so many villains that I assume people will think that I’m a bad egg.”

Whatever happens, he’s hoping his positive attitude will help him to thrive at the Round Tables. “My weakness will be trying to hide what I feel about somebody, and my strength is that I’m a glass three-quarters full person.”

Jerry, 70, says she’s “completely obsessed” with the TV game and was thrilled when she learned that pal Richard was also taking part. “Richard was my neighbour for 30 years and we did a movie together called Tooth, where we played Tooth Fairies, and it was ridiculous,” she says. “We had such a laugh, and I went on holiday with him earlier this year, just after Christmas, to Africa with some friends. And we danced all night and had so much fun! Little did we know back then that we’d both be here.”

Unlike Richard, she is embracing the Missions and believes she can contribute to the effort to win the £100,000 prize pot despite being the oldest in the game. “I am quite an active person,” she explains. “I don’t sit down much. I have a lot of animals – two dogs, a cat, three horses, eight chickens. I do a lot of gardening. I’m very, very busy, and then I babysit my three grandchildren a lot.”

And she has revealed certain secret skills that might come in useful. “I was a girls’ leg wrestling champion in my school district growing up which is very popular in Texas. I come from a very athletic family. My sister Cindy was a girls’ champion bull rider and my sister Rosie was a Dallas Cowboys cheerleader. We all used to train horses too and you just get bucked off all the time.”

She says the whole of her immediate family is behind her, including former husband Mick Jagger and their four grown-up kids. “I’m very competitive, as are Mick and our children. My competitive nature will always override any fear. I’m going to try to behave myself on the show. I’m going to try and be a good sport.”

She would like to be a Traitor, even though she thinks she has Faithful-style sleuthing in her genes. “All the men in my family have been law enforcement officers and in the military. My father was General Patton’s staff sergeant on all his campaigns, so I think I get my organisational skills from him. All my uncles, even my nephews, have been policemen.”

Maya Jama was advised to take part by her Masked Singer pal Jonathan Ross – the first Traitor to be outed last year – having decided she wanted to take part in something “where people get to see more of my personality”.

The Love Island host reckons: “I can be warm, but I can also be quite direct when I need to be, so maybe people won’t quite know what to expect.” Laughing that she’s “not massively” competitive, she says her gameplan is to not overthink things, reasoning: “Sometimes you actually do better when you’re relaxed.”

But she also fears her naturally jolly nature might not go down well with those playing the game in earnest. “I’m not naturally very serious, and obviously this is a very serious game. It’ll be interesting to see whether I can keep a straight face.”

Maya, 32, has prepared by watching old episodes to remember deflection techniques if she finds herself accused of being a Traitor. In reality, she’s not actually sure which role she’s aiming for. “At first, I thought I’d rather be a Faithful, but then I started thinking, if I’m doing this experience, why not go all in?”

– The Celebrity Traitors starts on Thursday 1st October at 8pm on BBC One and BBC iPlayer.

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High-Yield Reality: CFOs Rethink Corporate Debt Strategies

With high rates here to stay, CFOs rely on internal cash and working capital for stability.

In August, U.S. Treasury yields reached multi-decade highs. Treasury Secretary Scott Bessent responded by doubling the size of buyback operations for 10- to 20-year and 20- to 30-year securities to a floor of $4 billion each, effective Sept. 9 — a stopgap lasting through November 4, when the Treasury releases its next official policy statement.

Yet while Washington intervenes to stabilize government debt, finance chiefs must reckon with higher costs of capital.

“Higher rates have changed the math and, more importantly, reduced the margin for error,” Thomas DeFabrizio, CFO, Americas at Impellam Group, said in an email. “The hurdle rate should move when the cost of capital moves. Otherwise, you are pretending the financing environment has not changed.”

This reality is forcing companies to look inward, turning operational efficiency into a primary source of funding. “Every dollar released from receivables or inventory is a dollar you do not have to borrow at today’s rate,” DeFabrizio said — a meaningful gap when investment-grade credit is yielding around 5.5% and broad high-yield debt is near 7%, with lower-rated credit running considerably higher.

“That makes working capital much more than a finance housekeeping exercise,” DeFabrizio added. “It becomes a capital-allocation decision.”

Era of Cheap Capital Ends

Elevated borrowing costs directly filter down into corporate balance sheets and consumer demand, sparking broader concerns over whether public and private debt issuance has reached a tipping point. Rather than waiting for a rate relief cycle that may never materialize, finance leaders are taking direct defensive action.

Duncan Young, principal at San Francisco-based consulting firm Saorsa Growth Partners, specializes in providing fractional CFO services to companies. Businesses, he told Global Finance via email, are now prioritizing balance sheet durability over aggressive expansion.

To hedge against benchmark rate risks, companies are restructuring their short-term obligations and shifting benchmark exposure.

Portrait photo of Duncan Young,
Saorsa Growth Partners
Duncan Young,
Saorsa Growth Partners

“This is likely a function of risk-off bondholders and bank balance sheets, shifting away from Treasuries towards corporates. We’re pricing off SOFR when possible, to avoid the Treasury rate risk,” he said.

Instead of speculating on interest rate cuts, companies with near-term debt maturities are moving quickly to lock in fixed terms to insulate themselves from further upside volatility in yields.

“Our ‘current debt’ revolvers are being paid back [or] termed out to give us more resilience, heading into uncertainty. We aren’t expecting yields to ease,” Young said.

That posture is showing up across the broader CFO community.

Companies Are ‘Stretched Thin’

Middle-market companies, firms that typically generate less than $1 billion in annual revenue, have even less room to maneuver. Nick Araco, CEO of CFO Alliance, hears that many CFOs “are stretched thinner on what their current options are.”

As a result, they’re watching the Federal Reserve more closely, he added. “They don’t have the same flexibility to just refinance on their own timeline.”

“The ones sitting on debt maturing in the next 12 to 24 months are largely not betting on yields easing meaningfully,” Araco said, describing conversations across the group’s roughly 9,000 members.

This conservative stance is fundamentally altering capital allocation strategies. Rather than relying on leverage to fuel aggressive top-line targets, firms are relying on internal cash generation. They’re scaling back capital expenditures and holding cash as a strategic buffer.

“Return on cash gives us some benefit — for example, it softens the opportunity cost of us paying off debt. Terming out on a fixed rate and sitting on the cash so we can stay liquid in the next liquidity crisis is insurance worth paying,” Young added. “Given the AI outlook and the consequences of a bubble pop, we’re prioritizing resilience over growth rate, and this means less leverage and a more liquid balance sheet.”

Preparing for Double Shock

Government debt continues to test the limits of market capacity. An August 30-year Treasury auction drew below-average demand and record dealer absorption as yields hit 5.2% — the highest since 2001. Meanwhile, foreign investors’ share of U.S. debt has slid to about 30% from a 2008 peak of 49%, according to the Committee for a Responsible Federal Budget and the Bipartisan Policy Center.

That combination — elevated base yields sitting alongside historically tight credit spreads — is unsettling CFOs more than the headline numbers suggest.

“Tight spreads feel almost like a false sense of calm,” Araco said. CFOs aren’t treating today’s all-in cost of debt as the new normal, he added. They’re stress-testing what happens if spreads normalize on top of already-elevated base rates.

“It’s less about action today and more about scenario planning,” Araco said, “and making sure that their capital structure isn’t fragile if that spread compression reverses.”

Corporate leaders are taking matters into their own hands. By prioritizing liquidity, extending duration, and managing leverage, CFOs are ensuring their organizations remain resilient regardless of where government bond yields head next.

“If Treasury yields remain elevated and spreads widen at the same time, the all-in borrowing cost can change quickly. I would model that combined shock now,” DeFabrizio warns. “Once you need the capital, your negotiating position has already changed.”

Anthony Noto covers corporate finance and private credit. Contact him at anoto@gfmag.com

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